The Modern Consumer’s Journey in Finding a Financial Advisor: How AI Is Changing the Game

Originally published on Couplr.ai

In today’s financial landscape, consumers are more discerning than ever when selecting a financial advisor. They’re no longer just looking for someone with experience – they want trust, communication, and a holistic understanding of their financial needs. For financial planners and executives, this shift in consumer behavior presents both a challenge and an opportunity. Meeting these expectations can drive client retention, but only if your firm can match the right advisor with the right client at the right time. This is where Couplr.ai comes into play.

What Do Consumers Want from a Financial Advisor?

Various research reports have looked into what consumers prioritize when choosing their financial advisors. A study from LIMRA, a leader in research within financial services, found many consumers are looking for trustworthiness (66%), experience (60%), expertise (50%), and communication skills (48%). The LIMRA research maps very closely to research from the American College that ranked characteristics in addition to listing characteristics – knowledge and trust are still at the top!

Additionally, from the American College study, clients increasingly value a holistic approach to financial planning. They aren’t just looking for investment recommendations; they want an advisor who can guide them through every aspect of their financial journey – from retirement planning to insurance solutions. Although the relationship might start with a particular need (life insurance, investing, etc.) this means financial firms need to pivot away from purely transactional relationships and focus on personalized, long-term financial security.

But what happens when clients don’t feel confident working with an advisor? Psychological barriers like perceived cost, mistrust, and the overwhelming complexity of financial services often prevent consumers from engaging. Research from Kitces.com on Financial Advisor Anxiety (FAA) reveals that many potential clients avoid seeking financial advice due to fear of being judged or not understanding financial terminology. Addressing these concerns is critical for financial planners, and Couplr.ai offers a unique solution.

How Couplr.ai Solves the Matching Problem

Couplr.ai leverages our unique recommendation engine (algorithm), powered by AI and Machine Learning, to break down these barriers, matching clients with advisors who align with their preferences and needs. The platform doesn’t just use basic demographic information—it digs deeper into the behavioral and financial patterns of potential clients. By understanding what drives consumer decisions, Couplr.ai helps financial firms better match advisors to the right leads, improving both initial engagements and long-term relationships.

For example, if a client is primarily concerned with retirement planning and needs to work with someone who understands military benefits, Couplr.ai will pair them with an advisor who specializes in those areas, ensuring that the first interaction meets the client’s expectations. This not only reduces the friction in finding an advisor but also increases client satisfaction and retention.

Tackling Psychological Barriers with AI

Due to concerns over cost, complexity, or fear of being ” sold ” products, consumers are hesitant to engage with financial advisors . Couplr.ai helps firms address these issues by transparently showing how an advisor’s expertise matches the client’s unique goals, whether that’s building a retirement plan, managing investments, or ensuring future financial security.

By focusing on educational credentials, trustworthiness, and clear communication, the platform improves consumers’ confidence in their decision to hire an advisor . Additionally, Couplr.ai addresses FAA by simplifying communication, making it easier for clients to understand and engage without feeling judged or overwhelmed by complex financial jargon. Financial firms that integrate Couplr.ai into their sales enablement and lead generation strategies can offer a more tailored, approachable experience for potential clients—helping them overcome the psychological barriers that often prevent them from taking the first step.

Meeting Consumer Demands as an Insurance & Wealth Management Company

We know the expectations, demands, and demographics of the consumer are changing, and changing fast.? According to the most recent study from the World Economic Forum; “individuals are increasingly seeking advice to achieve holistic well-being, necessitating a fundamental shift in how advisory services are delivered.”? The type of advice people are seeking, and the way they are seeking it is changing but one thing that is staying constant, if not increasing, is the need and desire for human financial advice.

Insurance & Wealth Management companies that embrace the expectations of the consumers by giving them an amazing experience that helps them realize their hopes, dreams, and goals will be the ones that outperform those that don’t.? Our goal is to provide clients with a highly personalized, human – led experience, enhanced by technology. The rest will take care of itself.

What are you doing at your company to meet the expectations of the consumer?

Best Regards,

Meghaan Lurtz & Derek N.H. Notman, CFP?